Elon Musk drops plan to make Tesla private

Dynamic District

August 25, 2018

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Tesla CEO Elon Musk will not be making the company private anymore. This decision was taken following a board meeting on August 23.

“Elon communicated to the board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private,” Tesla board members revealed.

This announcement comes just two weeks after Musk previously revealed his plans to make the EV company private, following which Tesla’s share price have dropped by 20 per cent.

On 7 August, Musk stunned everyone by claiming that he had funding secured for a deal which would take Tesla private at a value of $72 billion.

Tesla had reported a record loss on 1 August this year, but Musk claimed that he expected the company to turn profitable from H2 2018 onwards.